Regions Financial joins Nacha as direct financial institution member

Source: Nacha

The Electronic Payments Association announced Regions Financial Corporation as a direct financial institution member, becoming the fifth new NACHA member in 2007.

According to the most recent NACHA Top 50 list, Regions is the nation's 16th largest originating financial institution and the 7th largest receiving financial institution of ACH payments.

"There are accelerating changes in the payments industry that directly affect our customers, the advice we offer them, and the services we provide," said Scott Jashinski, payments strategy manager for Regions. "As one of the nation's largest full-service providers of consumers and commercial banking services, we view our membership with NACHA as a strategic partnership, one that gives us the opportunity to shape the future of the ACH Network and the payments systems for years to come."

"Membership in NACHA is important for financial institutions that want to be leaders in the payments industry," said Elliott C. McEntee, president and chief executive officer of NACHA. "In today's rapidly evolving payments industry, it's critical that financial institutions stay abreast of the latest research, trends, and technology. Membership in NACHA helps them do just that. On behalf of NACHA and its members, we welcome Regions Bank to NACHA."

NACHA now has 45 direct members, consisting of 26 financial institutions, and 19 regional payment associations representing more than 11,000 depository financial institutions across the U.S. The other financial institution members are ABN AMRO Bank, American Express Centurion Bank, Bank of America, BB&T, BMO Capital Markets, Capital One, Citi, Citizens Bank, Commerce Bank, Discover Bank, Fifth Third Bank, JPMorgan Chase, KeyBank, National City, PNC Bank, SunTrust, Synovus Financial, TCF National Bank, The Bank of New York Mellon, US Bank, Wachovia Bank, Washington Mutual, Wells Fargo, and Zions Bancorporation.

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